Facebook’s parent company could launch a digital asset exchange
Meta submitted trademark applications for a platform dubbed “Meta Pay”
The exchange might feature fiat on-ramp functionality
CEO Mark Zuckerberg also confirmed that NFTs are coming to Facebook and Instagram
Meta, the tech company behind social media giants Facebook and Instagram, filed trademark applications that suggest the company could be developing its own cryptocurrency trading platform.
According to tweets from veteran trademark lawyer Josh Gerben, Mark Zuckerberg’s firm submitted five applications in the US for the so-called “Meta Pay” service.
Included in the fillings are details regarding a platform that offers trading facilities for digital assets and blockchain-powered tokens. The service could also venture into investment management and virtual asset lending.
As of press time, the tech heavyweight has not confirmed or denied the development although the company did lock down a domain name for the platform back in 2021 for a massive $60 million.
Meta Jumps Into NFTs and Web3
Facebook and Instagram will unveil support for NFTs per comments from CEO Mark Zuckerberg. The billionaire confirmed that testing functionality for digital collectibles was underway as of last week, as reported by EWN.
Some users also said that Instagram rolled out partial access to the feature for a select group of creators.
This is not the first time Facebook (now Meta) has forayed into the blockchain space. The company previously supported and reportedly aided in developing Libra/Diem, a stablecoin token.
However, the company closed the curtains on the idea amid mounting pressure from regulators from multiple jurisdictions and instead opted to sell the project to Silvergate Bank.